TEKMAR GROUP PLC - FY26 Interim Results

Tekmar Group plc delivered a strong investor update, reporting significant progress in the first half of FY2026 as its Project Aurora transformation strategy continues to gain momentum. Revenue increased 31% to £16.2 million, supported by higher activity levels, improved utilisation, and successful cross-selling initiatives across offshore wind, oil and gas, and marine infrastructure markets. The group returned to positive EBITDA profitability, achieved improved margins, and recorded a record order book of £31.7 million, up 2.5x year-on-year, providing enhanced revenue visibility through FY2027. Over £50 million of new orders secured in the past 12 months underpin management’s confidence in a stronger second-half performance despite temporary supply chain and payment disruptions in the Middle East. Tekmar also strengthened its balance sheet through the sale of Innovation House and refinancing of debt facilities, improving financial flexibility to support future growth. Management highlighted substantial opportunities across offshore wind, subsea cable protection, energy security, marine infrastructure, and offshore energy services, supported by long-term structural market growth. Project Aurora’s focus on operational excellence, supply chain optimisation, organisational integration, and scalable manufacturing capacity is driving margin improvement and operational leverage, while the company continues to evaluate value-accretive M&A opportunities. With approximately 50GW of the world’s 85GW installed offshore wind capacity protected by Tekmar technology, the group remains well positioned to capitalise on growing global demand for subsea asset protection, engineering services, and offshore energy infrastructure solutions.